CyberSource, a Visa company (NYSE:V), and one of the world's largest providers of eCommerce payment management services, today announced a partnership with one of Vietnam's largest privately-held banks, Asia Commercial Bank (ACB).
This partnership will enhance the bank's capabilities in processing both local and global online payments.
The agreement allows ACB to deploy CyberSource's global payment gateway solution and fraud management tool, Decision Manager. This will help significantly expand the array of payment services available to the bank's merchant customers.
ACB offers diversified bundled products across consumer and corporate banking, including more than 25 online features for consumers and 30 for enterprises. These include card payment services, payment and account management, as well as global remittance services.
Vietnam's total eCommerce sales hit US$700 million by the end of 2012, of which 11.8 percent was conducted via non-cash transactions. Growth projections for the Vietnamese eCommerce market remain robust, with total eCommerce sales in the country expected to reach US$1.3 billion by 2015. However, the sector is still relatively young, with a small group of acquiring banks serving a burgeoning number of eCommerce merchants.
"We see vast potential in Vietnam's eCommerce market. Our customers' trust is our top priority, and CyberSource is the chosen partner due to its expertise and state-of-the-art technologies in fraud management and payment processing. CyberSource's global payment gateway solution and Decision Manager tool will enable us to process payments more securely and effectively for our customers, helping us establish our market leadership in the growing eCommerce market in Vietnam," said Le Quang Khanh, Bankcard Centre Director, ACB.
Today, ACB maintains an active approach in Vietnam's push towards a cashless society by boosting customer confidence in card usage as well as online transactions.
CyberSource Decision Manager features the World's Largest Fraud Detection Radar, and provides a comprehensive platform to pinpoint fraud faster, more accurately and with less manual intervention, by screening inbound orders against data and correlations from more than 60 billion transactions that Visa and CyberSource process annually. Every transaction is analyzed by over 260 detector tests and time-tested statistical risk models, which can be further localized by region.
"Many leading financial companies around the world work with CyberSource to enable their payment and fraud management strategies. We are pleased to be providing ACB with the payment management platform it needs to expand its business by enabling eCommerce merchants to transact easily and securely, worldwide," said Chew Ann Wee, Regional Director, Southeast Asia, CyberSource.